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OSC approves settlement with former IR exec

first_img The Ontario Securities Commission (OSC) has settled insider trading allegations with a former investor relations executive, accused of trading on information from her husband, who was also a mining industry executive. The OSC said Thursday it has approved a settlement with Constance Anderson, who worked in investor relations at junior miner Starfield Resources Inc., resolving allegations that she engaged in two episodes of insider trading. Share this article and your comments with peers on social media SEC alleges man sold insider trading tips on dark web FINRA bans analyst for insider trading According to the settlement, Anderson was married to Starfield’s president and CEO, who was also a director at Osisko Mining Corp. The commission alleged that she traded with knowledge of a possible takeover bid for Brett Resources Inc. by Osisko back in 2010, and that she traded in the shares of another firm, Excellon Resources Inc., with knowledge that her husband was about to be appointed its new CEO. In total, the commission alleged that she made a combined profit of $18,770 with these trades. The deal notes that “Anderson does not have a precise recollection of the circumstances that led her to purchase the Brett shares … ,” but that she admits that “it can be concluded she must have known and did know the material fact that Osisko was proposing to acquire Brett and purchased Brett shares in her account and her daughter’s account with that knowledge.” Under the settlement, Anderson is permanently banned from trading, registration, and acting as a director or officer; subject to certain exceptions. She is also required to disgorge the $18,770 in profit she made through the trading in question, and to pay an administrative penalty of $18,770, along with $10,000 in costs. Anderson agreed to settle the allegations, resolving the case. The OSC approved the settlement on the condition that she pay the monetary sanctions before the hearing to approve the deal. Related newscenter_img ASIC ready to make deals with devils James Langton Keywords Insider tradingCompanies Ontario Securities Commission Facebook LinkedIn Twitterlast_img read more